公司名稱： 快手科技（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期： 2026年1月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01024 | 說明 | | | | | | | | 多櫃檯證券代號 | 81024 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | ...

中国平安今日涨4.96%，资金前5日加仓162万股，短线保持流入态势。 阿里巴巴-W今日跌1.31%，资金前5日减持248万股，短线以流出为主。 中国人寿今日涨4.29%，资金前5日加仓840万股，短线延续流入趋势。 快手-W今日涨2.58%，资金前5日减持893万股，短线仍以流出为主。 金风科技今日涨5.72%，资金前5日加仓1125万股，短线加速流入。 腾讯控股今日涨1.28%，资金前5日减持657万股，短线以流出为主。 中国移动今日跌0.12%，资金前5日减持6429万股，短线仍在加速流出。 注：由于港交所T+2结算，实际为截至两日前的近5个交易日数据 智通财经1月6日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1333.53亿港元，较前一日缩量约103亿，约占恒指成交总额的45.72%，占比再度跌 至5成以下。 港股今日继续走强，但南向资金仅净流入约28.79亿港元。其中，沪港股通净流入约9.75亿港元，深港股通净流入约19.03亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：中国平安(02318.HK)18.40亿港元；阿里巴巴-W(09988.HK)16.19亿港元；中国人 ...

Core Viewpoint - Kuaishou's AI video generation model "Kling" has seen explosive growth in overseas markets, significantly boosting its stock price, which has risen over 18% in just three trading days as of January 6, 2026. Analysts attribute this surge to the strong performance of Kling and stable expectations for the company's core business [1][2]. Group 1: Product Performance and Market Impact - Kling AI has gained immense popularity, particularly in South Korea, where a challenge involving static images turning into dynamic videos garnered over 500 million views in three days. This rapid spread is supported by the capabilities of Kuaishou's Kling AI [2]. - The updated Kling AI model, launched in December 2025, allows for the generation of complete 10-second videos with natural language, sound effects, and environmental sounds, streamlining the video creation process [2][3]. - As of January 2026, Kling AI has become the highest downloaded application in several countries, with the U.S. contributing 46.1% of downloads. The app's daily revenue on January 3, 2026, was 2.5 times the average for December [3]. Group 2: Revenue Growth and Projections - Kuaishou's AI business has become a core growth engine, with Kling's revenue exceeding 700 million yuan in the first three quarters of 2025. The company has raised its revenue forecast for Kling to 1.4 billion USD for the full year 2025, more than doubling its initial target [4]. - Analysts predict that Kling's revenue will grow by 62% year-on-year in 2026, reaching 1.7 billion yuan, driven by continuous updates and expansion into B-end users [4]. Group 3: Competitive Landscape and Market Potential - The AI video generation market is concentrated, with Chinese firms holding a strong position. Kuaishou's Kling is among the leading models, competing closely with others like MiniMax and ByteDance's Dream AI [6]. - The global market for AI video generation is expected to reach approximately 6 billion USD in 2024, with significant growth potential as it expands into consumer applications [8]. - Kuaishou currently holds about 20% market share in the AI video generation sector, indicating a leading position, while competition is expected to deepen as technology continues to evolve [8].

Group 1 - The Hong Kong stock market showed positive performance with the Hang Seng Index rising by 1.38% to 26,710.45 points, and the Hang Seng Tech Index increasing by 1.46% to 5,825.26 points, indicating a bullish sentiment in the market [1] - The brokerage sector led the gains, with notable increases such as China Merchants Securities up over 12%, Guotai Junan International up over 11%, and CICC up over 8% [1] - In the large tech stocks, Tencent Holdings rose by 1.28%, JD.com increased by 1.58%, while Alibaba fell by 1.31%, reflecting mixed performance among major tech companies [1] Group 2 - Goldman Sachs forecasts stable performance for Macau gaming stocks in Q4, with gross gaming revenue in the previous month rising by 15% year-on-year to 20.9 billion MOP, slightly above market expectations [2] - The annual gross gaming revenue growth is projected to be slightly above 9%, compared to market expectations of 7% to 8%, indicating a positive outlook for the sector [2] - The increase in inbound travelers to Macau, particularly from mainland China, is expected to support the gaming sector, with a 22% year-on-year increase in mainland visitors [2] Group 3 - Galaxy Securities expresses optimism about the AI sector, noting a slight decline in December but highlighting opportunities for left-side positioning in AI hardware such as optical modules and PCBs [3] - The report indicates that the market is currently experiencing a divergence, with a focus on short-term trading opportunities, while the overall sentiment is influenced by external factors like interest rate expectations [3] - Some AI application companies have shown marginal improvements in Q3 earnings, suggesting potential for growth in specific sub-sectors and leading companies [3] Group 4 - Huafu Securities emphasizes the importance of solid-state batteries as a transformative technology in the industry, recognized for their high energy density and safety [4] - The shift towards solid-state battery technology is expected to disrupt existing material and equipment systems, prompting global innovation and competition [4] - The year 2027 is identified as a critical milestone for achieving small-scale production and process standardization in solid-state battery development [4]

公司名稱: 快手科技（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | B | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01024 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 81024 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 8,667,725,263 | USD | | 0.0000053 | USD | | 45,938.94 | | 增加 / 減少 (-) | | | | | | ...

今年1月，可灵AI在移动平台的日均收入已较上月增长102%。虽然该行预期可灵AI今年首季的实际收入 增长不会如此显著，因其大部分收入仍来自PC平台，即企业及专业用户，但相信至今的强劲表现，已 证明AI影片生成仍是生成式AI发展中的关键垂直领域，亦反映行业领导者如可灵AI，其变现潜力不仅 在企业端、同时在消费端均有大量上行空间。 虽然快手持续加大资本开支，但该行认为相关投资将持续强化可灵AI的模型能力，同时广告技术升级 亦可推动高利润率广告业务增长，长远而言有利于利润率。 摩根大通发布研报称，快手-W(01024)股价近日上升，主要因近期在社交网络上流传以AI制作的宠物跳 舞影片，推动可灵AI在海外市场及手机等移动平台有强劲表现。该行预期快手2026年盈利将增长20%， 基于利润率扩张1.4个百分点;现予目标价89港元及"增持"评级。 ...

虽然快手持续加大资本开支，但该行认为相关投资将持续强化可灵AI的模型能力，同时广告技术升级 亦可推动高利润率广告业务增长，长远而言有利于利润率。 智通财经APP获悉，摩根大通发布研报称，快手-W(01024)股价近日上升，主要因近期在社交网络上流 传以AI制作的宠物跳舞影片，推动可灵AI在海外市场及手机等移动平台有强劲表现。该行预期快手 2026年盈利将增长20%，基于利润率扩张1.4个百分点;现予目标价89港元及"增持"评级。 今年1月，可灵AI在移动平台的日均收入已较上月增长102%。虽然该行预期可灵AI今年首季的实际收入 增长不会如此显著，因其大部分收入仍来自PC平台，即企业及专业用户，但相信至今的强劲表现，已 证明AI影片生成仍是生成式AI发展中的关键垂直领域，亦反映行业领导者如可灵AI，其变现潜力不仅 在企业端、同时在消费端均有大量上行空间。 ...

Core Insights - The report indicates that the pan-entertainment live streaming industry is evolving from traditional show formats to a more professional and regulated online cultural consumption sector, with Douyin's live streaming expected to reach 128 million performances by 2025, a year-on-year increase of 26.39% [1] Content Supply Enhancement - Douyin live streaming has established 16 major content categories and 53 subcategories, covering various fields such as vocal performance, instrumental performance, and cosplay, with 135,000 quality streamers certified as industry benchmarks [2] - A total of 499 state-owned cultural troupes and 6,183 troupe actors have joined Douyin, conducting over 819,000 live streams, with the platform serving as a "second stage" for professional performing arts [4] Protection of Practitioners' Rights - By 2025, Douyin is building a compliance system for live streaming agencies to ensure proper contracts and fulfillments, aiming to transform the "live streamer" role into a stable career [6] - Douyin has implemented policies such as "Safe Entry for Streamers" and "Contract Risk AI Detection" to protect streamers' rights, assisting over 29,233 streamers in safeguarding their interests [8] Industry Ecosystem Co-construction - Douyin has organized over 100 industry communication meetings, engaging more than 2,000 live streaming agencies and over 10,000 agency agents to promote a consensus on compliant development [11] User Consumption Behavior - The report shows that users engaging in tipping behavior increased by 5.41% year-on-year, while the average tipping amount decreased by 7.96%, indicating a healthy "small amount, frequent" tipping trend [15]

Core Viewpoint - Kuaishou-W (01024) has seen significant stock price increases, with a recent rise of nearly 5% and a previous day's increase of over 11%, indicating strong market interest and potential growth driven by new features [1] Group 1: Company Developments - The "Motion Control" feature is gaining popularity on overseas social media, allowing users to create diverse and shareable video content [1] - This feature is part of Kuaishou's AI video generation model, Kling, which is set to release version 2.6 in December 2025, capable of generating complete audio and video in a single instance [1] Group 2: Market Performance - According to Shenwan Hongyuan, Kuaishou's AI website has seen a significant increase in global traffic, surpassing competitors like Minimax, Sea Cucumber, Runway, and Midjourney by the end of December 2025 [1] - Huafu Securities notes that the pricing for the new Kling 2.6 model has increased, with the high-quality model charging 50 inspiration points for a 5-second video, compared to the previous model's charges of 20 and 35 inspiration points for standard and high-quality modes respectively, indicating enhanced monetization potential [1]

可灵AI在2026年新年期间爆火，助推快手港股股价连涨两个交易日，周一更是大涨超11%。 追风交易台消息，1月5日，摩根大通陈祺的证券研究团队发表研报，认为快手不仅在核心短视频业务保 持稳健，在生成式AI这一关键赛道也占据领先地位。 由于"宠物跳舞"视频在新年引爆海外市场，可灵AI收入暴增。根据Sensor Tower数据，2026年1月可灵 AI的移动平台日均收入相比2025年12月暴增102%，其中韩国市场收入更是激增13倍。 可灵AI的强劲表现证明了AI视频生成市场的巨大潜力，而快手4.16亿的庞大日活用户基数也为其广告业 务提供了坚实支撑。 分析师重申对快手的乐观态度，维持"增持"评级。研报强调，快手当前估值对应12倍2026年预期市盈 率，而2026-2027年利润复合增长率预计达21%，是全球最被低估的AI股之一。 "宠物跳舞"视频引爆海外市场，可灵AI收入暴增 可灵AI在2026年新年期间的火爆表现源于其2.6版本推出的动作控制功能。 除了可灵AI的直接收入贡献，AI技术对快手核心业务的改造同样值得关注。 这项创新功能允许用户在短短一分钟内，基于自己的照片和原始动作视频（如舞蹈或表情）创建AI生 ...